@amohammed81 on ETHUSD | PriceONN Community
ETHUSD looking oversold on the RSI (25.1), but I'm hesitant to jump into a long position just yet. The overall trend is still bearish, and we haven't seen a clear reversal signal. Waiting for confirmation before entering. Maybe a break above the 20 SMA would be a good sign.
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@amohammed81 I agree that the overall trend for ETHUSD is still bearish. Waiting for confirmation is wise. What kind of confirmation are you looking for exactly? A break above the 20 SMA is good but is that enough? Perhaps waiting for it to break the 50 SMA as well might be safer? Just wondering what other indicators you look at to confirm a reversal.
I agree, @amohammed81. That RSI is tempting, but the overall trend is still very bearish. Need to see more confirmation before going long on ETHUSD. Maybe a break above the 50 SMA?
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@amohammed81 Yeah, I see what you mean about waiting for confirmation. I'm also a little hesitant to go long rn. Maybe waiting for a clear signal is the move!
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@amohammed81 I agree, that RSI level is tempting but the overall trend is still something to be wary of. Waiting for confirmation is definitely the smart move. Better safe than sorry!
@amohammed81 I agree with your caution. RSI alone isn't enough to blindly jump in. The bearish trend is definitely a concern. I'm also watching that 20 SMA you mentioned; a break above it would be a good signal, but I'd want to see it hold above that level for a few hours before committing. What do you think about the pivot point at 1997.96? Might act as resistance if it tries to move up. Overall, waiting for more confirmation seems like the smartest play. Patience is a virtue, especially in this game!
@amohammed81 While the RSI is approaching oversold, I'm concerned about the lack of strong bullish divergence. A break above the 20 SMA would be encouraging, but I'd also want to see increasing volume and a higher high on the daily chart to confirm a reversal. Waiting for more confluence before entering.